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27 Oct. 1800 Note
Ch. XIV Rise of Prices
Conclusion of Note

The un-reality
and mischievousness
of the supposed addition
to wealth by addition
to money is a recent
discovery. the
opposite error confessed
& have been entertained till
lately -

In a writer or political subject The confessor of error is as instructive as it
is rare. In political economy a man will
feel the less reluctance repugnance to a confession of this
sort, as he is better and better acquainted with
the subject. For the whole field is as yet but
a tissue of - a labyrinth of errors.
Many Innumerable have been the errors I have fallen deluded myself
into for a time during the composition of this
short paper. An error of cardinal importance, Among the most important is
the following. After taking credit for the addition
that would be made to the in promised by the proposed measure
to the mass of fix'd capital - or productive capital at large I proceeded to take credit for another possible addition
to capital by the addition that I saw might eventually be
made to the mass of circulating capital: viz: to that
part of it which consists of money. Examining
further I found that I had fallen into a delusion
and that the word capital by money put into the hands
of capitalists by the redemption of these masses of annuity
bore the test, and proved to be real capital.
the addition should any take place to the mass of
money, evaporated on the test - proved to be not real
but purely nominal, every penny of it and purely
inefficient, but mischievously effective. Incapable
of making any addition to the mass of real
wealth - to the mass of vendible commodities the
effect of it would consist exclusively in degressing operating a
degradation in the value of the existent mass of money
into which it flowed - and producing thereby a
rise of prices, and diminution in the effective income [+]
[+] income of individuals
in general, but more
especially of a large very extensive
-class composed of
persons least able to
afford it.

Identifier: | JB/001/032/001
"JB/" can not be assigned to a declared number type with value 1.



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not numbered



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annuity notes

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jeremy bentham


1798 a<…>


jeremy bentham

Paper Producer

frances wright


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